Italy passes decree to ward off hostile foreign takeovers

Reuters Staff

1 Min Read

ROME, Oct 13 (Reuters) - Italy’s cabinet on Friday passed a decree to force companies that build up significant minority stakes in Italian firms to disclose what their intentions are on final ownership.

The change, aimed at warding off hostile foreign takeovers, comes as French media company Vivendi is under scrutiny in Italy for its aggressive stake-building in Telecom Italia and in broadcaster Mediaset.

The decree also extended the government’s so-called “golden powers” to block takeovers by non-EU companies to high-technology sectors.